Murray Frank LLP Files Class Action

(News) — Sat, 04 Feb 2012 10:01:00 -0800

Murray Frank LLP has filed a class action complaint in the United States District Court for the Southern District of New York (Case No. 12 Civ. 0672) on behalf of all individuals and institutions who purchased securities of GLG Life Tech Corporation during the period between February 1, 2011 and November 13, 2011 (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).

The Complaint alleges that throughout the Class Period, the Defendants made false and misleading statements about or knew but failed to disclose that: (1) the Company’s original equipment manufacturers were experiencing production issues that impacted the packaging and appearance quality of its products; (2) consumers were responding poorly to the Company’s AN0C and stevia products; and/or (3) the Company would not meet its earnings projections.

On October 6, 2011, GLG Life Tech issued a press release disclosing for the first time a negative outlook concerning its AN0C and stevia products. On the news, the Company’s stock price dropped by 42% from a close of $3.45 per share on October 5, 2011 to a close of $1.99 per share on October 6, 2011.

Subsequently, on November 14, 2011, the Company announced financial results for the period ending September 30, 2011. Revenue for the period was $1.7 million, versus revenue of $20.9 million for the same period in the previous year. EBITDA for the period was negative $8.8 million, versus EBITDA of $6.1 million for the same period in the previous year. Following its announcement of these disappointing results, the Company’s management declined to provide any further formal guidance on revenues, EBITDA, or capital expenditures. On the news, the Company’s stock price continued to drop, from a close of $2.32 per share on November 11, 2011 (the last trading day before the announcement) to a close of $2.01 on November 14, 2011.

If you purchased GLG Life Tech securities during the period between February 1, 2011 and November 13, 2011, you may move the Court, not later than February 13, 2012, to serve as Lead Plaintiff for the Class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. You do not need to be a Lead Plaintiff to be included in the class.

www.murrayfrank.com

Miss. high court takes ex-gov pardons case

(News) — Fri, 03 Feb 2012 09:58:41 -0800

The Mississippi Supreme Court said Wednesday it will take up the legal challenge to the pardons ex-Gov. Haley Barbour gave out in his last days in office.

State Attorney General Jim Hood, a Democrat, wants to invalidate dozens of the 198 pardons that Barbour, a Republican, handed out before his second four-year term ended Jan. 10. Ten of the people were still incarcerated when they received reprieves.

Only about two dozen of the people pardoned followed the Mississippi Constitution's requirement to publish a notice about their reprieves in their local newspapers for 30 days, said Hood, who wants the others invalidated. Barbour has said the pardons are valid and that he gave them because he's a Christian and believes in second chances.

Most of the people who could lose their pardons already served their sentences and have been out of prison for years. Some of them were convicted of comparatively minor crimes as far back as the 1960s and 1970s and have never been in trouble again.

Five of the pardoned are being held on a temporary restraining order issued by Hinds County Circuit Judge Tomie Green. The Supreme Court extended that order until it can rule on the matter. It set a hearing for Feb. 9 and said it would try to rule quickly.

Last of 11 victims in deadly Fla. crash identified

(News) — Thu, 02 Feb 2012 10:00:00 -0800

The last of 11 victims in a series of crashes along a Florida interstate have been identified as a man, his daughter and his wife.

The three were in a pickup truck on their way to a funeral when they crashed along a smoke- and fog-covered stretch of Interstate 75 near Gainesville early Sunday, according to the man's ex-wife, Celeste Knapp. She said troopers told her about the deaths Tuesday night.

The three killed were Michael and Lori Hughes, and Sabryna Hughes Gilley, Knapp said. Sabryna is Knapp's daughter.

The Pensacola family's truck was so badly crushed and burned that it took investigators more than two days to find Sabryna's body. The wreckage was so extensive that investigators enlisted anthropologists to help identify victims by their bone fragments and teeth.

"They were looking for her because they put two and two together and knew she was in the (truck). They had to peel back layers of the truck to get to her. I imagine she was sleeping back there and found here tucked away in the back," Knapp said.

11th victim found days after deadly crash on I-75

(News) — Wed, 01 Feb 2012 09:58:00 -0800

A pickup truck involved in a deadly Florida interstate pileup was so badly burned and crushed that it took investigators more than two days to find a third body inside, authorities said Wednesday.

The discovery brings the death toll from the weekend crashes on Interstate 75 to 11. The condition of the wreckage has also prompted investigators to enlist anthropologists to help identify victims.

The newly discovered victim was inside a Dodge pickup truck that crashed into a tractor trailer as it traveled south early Sunday in smoky and foggy conditions, authorities determined Tuesday. The pickup's driver and another passenger were discovered before, but none of the three had been identified Wednesday.

Anthropologists from the University of Florida were looking for any bone fragments and teeth that may help identify the bodies from the pickup. The other eight victims have been identified.

"The vehicle was crushed between multiple vehicles," said Larry Bedore, director of investigations for the medical examiner's office in Gainesville. "It was in the center of an inferno that melted most of the metal and a lot of the glass."

Authorities closed the busy six-lane highway early Sunday because a mix of fog and smoke from a nearby brush fire made visibility difficult. The road was reopened about three hours later after the Highway Patrol determined conditions had improved. The first pileup occurred a short time later.

At least a dozen cars, six tractor trailers and a motorhome collided. Some cars were crushed under the bellies of big rigs. Others burst into flames, making it difficult to identify victims.

Securities Litigation Attorney - Robert L. Herskovits

(News) — Wed, 01 Feb 2012 09:32:33 -0800

New York FINRA Arbitration & Securities Litigation Attorney

Robert L. Herskovits

Robert concentrates his practice in the areas of securities litigation and regulatory enforcement matters. Robert routinely advises broker/dealers, industry professionals and investors in varied litigation, arbitration and regulatory matters relating to the securities industry. Robert is certified as an arbitrator for FINRA, AAA and the NFA and formerly served as in-house counsel for an NYSE-member broker/dealer.

Prior to forming Herskovits PLLC, Robert was a partner with Gusrae Kaplan Nusbaum PLLC for more than five years.

Robert received a JD from the Benjamin N. Cardozo School of Law and a BA from Syracuse University. Robert is admitted to practice in the State of New York and before various federal courts, including the U.S. District Court, Southern District of New York, U.S. District Court, Eastern District of New York, the U.S. Court of Appeals, 2nd Circuit, and the U.S. Supreme Court.

An active participant in the bar, Robert is the Co-Chair of the Committee for Securities and Exchanges of the New York County Lawyers' Association. Robert's accomplishments were recently recognized by Thomson Reuters' "Super Lawyers", which designated Robert as a 2011 Rising Star in business litigation.

Practice Areas

•Securities Litigation and Arbitration
•Securities Industry Regulatory Defense
•Broker-Dealer Advisory Services
•Securities Industry Employment Litigation
•Commercial Litigation

Address

1065 Avenue of the Americas
27th Floor
New York, New York 10018

Contact:
Tel: (212) 897-5410
Fax: (646) 558-0239

EU probes Samsung, Germany blocks its tablets

(News) — Tue, 31 Jan 2012 10:14:30 -0800

Samsung took a double-hit in its battle against archrival Apple on Tuesday, when the European Union announced it would investigate whether it was illegally trying to hinder competitors and Germany blocked sales of some of its tablet computers.

Samsung Electronics and Apple Inc. are engaged in a strategic war over patents in many countries across the world as they try to draw market share away from each other.

The EU's antitrust watchdog thinks the South Korean company may be overstepping the bounds and launched a formal investigation into whether Samsung is using law suits over key patents on 3G wireless technology to hinder competitors — including Apple.

The European Commission, which is acting as the EU's antitrust enforcer, said it suspected Samsung of not giving other companies fair access to patents it holds on standardized 3G technology for mobile devices — despite committing to do so in 1998.

A spokeswoman for the Commission said the probe also affected tablets such as Apple's newest iPad, which uses standardized wireless 3G technology.

The Commission said that Samsung last year sought legal injunctions against other device makers in several EU states, alleging patent infringement.

Under EU patent rules, a company that hold patents for standardized products are required to license them out indiscriminately at a fair price.

If Samsung is found guilty of unfairly restraining competition, it can be fined up to 10 percent of annual revenue related to the investigation.

Marine in hazing suicide case to appear in court

(News) — Mon, 30 Jan 2012 13:11:40 -0800

A Hawaii-based lance corporal accused of hazing a fellow Marine who committed suicide at their remote outpost in Afghanistan is appearing in court after agreeing to a plea bargain.

In October, Lance Cpl. Jacob D. Jacoby was referred to a general court-martial on charges that he assaulted, threatened, and humiliated Lance Cpl. Harry Lew, who killed himself on April 3.

Jacoby will instead appear Monday before a special court martial — a venue for less serious crimes than a general court-martial— at a Marine base in Kaneohe Bay after reaching a plea agreement. The Marines didn't release details of the agreement ahead of the trial.

Two other Marines have also been accused of hazing Lew, 21, a nephew of U.S. Rep. Judy Chu of California, before he shot himself with his machine gun in his foxhole.

Sgt. Benjamin Johns, the leader of the squad the Marines belonged to, and Lance Cpl. Carlos Orozco III will each have their own separate courts-martial at later dates.

The case involves the actions of Marines at an isolated patrol base the U.S. was establishing to disrupt Taliban drug and weapons trafficking in Helmand province.

Former UBS trader pleads not guilty in UK court

(News) — Mon, 30 Jan 2012 13:11:27 -0800

A former UBS trader arrested in London on charges of fraud linked with unauthorized trades that cost the Swiss bank more than $2bn pleaded not guilty Monday to the charges against him.

Kweku Adoboli, 31, pleaded not guilty to two counts of fraud and two of false accounting between 2008 and September 2011 at London's Southwark Crown Court.

The trader was arrested on Sept. 14 after on charges of committing fraud that cost the bank over $2 billion.

The incident pushed then-CEO Oswald Gruebel to resign and damaged the bank's efforts to clean up its image after being involved in a United States tax evasion investigation and sustaining huge losses on subprime mortgages during the financial crisis.

City watchdog the Financial Services Authority and its Swiss counterpart have launched an investigation into why UBS failed to spot allegedly fraudulent trading.

Adoboli's case was delayed last year after he replaced his former lawyers at Kingsley Napley law firm with a new team from Bark & Co., which specializes in fraud cases. McCreath set a provisional trial date for September 3 and remanded Adoboli in custody. He said he was willing to hear an application for bail.

Iowa mom pleads not guilty in newborn twins' death

(News) — Mon, 30 Jan 2012 13:11:15 -0800

A Huxley woman accused of killing her newborn twin daughters and hiding their bodies in the trunk of her car has pleaded not guilty.

Jackie Burkle is charged with two counts of first-degree murder. She is being held on $1 million bond.

Her attorney entered a written plea of not guilty on her behalf Monday morning in Story County District Court in Nevada.

Police found the infants' bodies in the trunk of Burkle's car on Jan. 7 after receiving a call to check on her.

Court records show Burkle appeared pregnant at work at a Huxley convenience store Jan. 5. She no longer looked pregnant two days later, prompting a co-worker to call police.

Police have not released a cause of death or why Burkle gave birth at home.

US judge denies bid to block NV mustang roundups

(News) — Fri, 27 Jan 2012 09:07:59 -0800

A federal judge in Nevada who handed horse protection advocates a rare victory last fall has rejected their latest request to block government roundups of free-roaming mustangs in the West, saying they'll have to go to Congress if they think the animals are being treated inhumanely and need more protection.

U.S. District Judge Howard McKibben granted a temporary restraining order on Aug. 30 that cut short by a day a roundup near the Nevada-Utah line after he determined a helicopter flew too close to a horse in violation of the law.

But he said during a hearing in Reno Thursday that he was denying a new injunction request from the Texas-based Free Wild Horse Federation partly because the Bureau of Land Management has made some positive changes since then. He also said he can't issue injunctions based on speculation about future abuses.

"This court is really not in a position to be the overseer of the BLM," McKibben said. "This court is not going to police all gathers in the U.S. or even all gathers in the district of northern Nevada."

"This Court is not Congress, not an administrative agency. We are not the first branch of government. We are not the second branch. We're here to consider grievances," he said.

His ruling was a disappointment to horse protection advocates who were buoyed by his court order last fall when he took the BLM to task for its actions at the Triple B complex roundup near the Nevada-Utah line northwest of Ely, Nev.